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Nikkei up 1.1 pct, worries eased by U.S. move

Sun Jul 13, 2008 10:10pm EDT

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(Updates to midday)

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TOKYO, July 14 (Reuters) - The Nikkei stock average rose 1.1 percent on Monday, led higher by bank stocks on investor relief after the U.S. government unveiled measures to help troubled home financing providers.

Japan's top lender Mitsubishi UFJ Financial Group (8306.T) and other banks rose sharply after the U.S. Treasury and Federal Reserve unveiled sweeping steps to support Fannie Mae (FNM.N) and Freddie Mac (FRE.N) if needed to bolster confidence in the troubled mortgage financing giants. [ID:nN13387357]

The benchmark Nikkei .N225 ended the morning up 146.21 points at 13,185.90. The broader Topix gained 1.3 percent to 1,302.79.

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